Tech Air, a CI Capital Partners portfolio company, said Monday it has acquired L&M Welding Supply Inc. Financial terms weren’t announced. Mobile, Alabama-baed L&M distributes welding supplies and industrial equipment to the military, shipbuilding, and power industries on the Gulf Coast.
DANBURY, Conn., July 6, 2015 /PRNewswire/ — Tech Air, a Connecticut-based distributor of industrial, medical, and specialty gases and related welding supplies, announced today that it has acquired Mobile, AL-based L&M Welding Supply, Inc. (“L&M”). Tech Air is owned by CI Capital Partners and Tech Air management.
L&M Welding Supply is a leading distributor of welding supplies and industrial equipment to the military, shipbuilding, and power industries on the Gulf Coast. L&M will become part of Tech Air’s Southern Region and the former owner, Clark Kelly, will remain actively engaged with the company. L&M is Tech Air’s eighth add-on acquisition in the last twelve months, and the fourteenth add-on acquisition since CI Capital acquired the company in partnership with Tech Air’s management in 2010. Tech Air now operates through 30 branch and fill plant locations and serves customers in the Northeast, South, Southwest and West.
Myles Dempsey, Jr., Chief Executive Officer of Tech Air, said, “We are thrilled to announce the addition of L&M Welding Supply to the Tech Air family of companies. Clark Kelly has built an impressive business and a highly respected team that will enhance Tech Air’s Southern Region. L&M is known for outstanding customer service and technical capabilities and will benefit from Tech Air’s commitment of growth capital, access to a broad base of suppliers and administrative and operational support. We remain committed to our strategy of acquiring high quality regional distributors throughout the continental United States and are actively seeking additional acquisitions.”
“The joining of our small but customer-focused company with the resources and support of Tech Air’s entrepreneurial leadership is a great result for both the employees and customers of L&M,” said Clark Kelly, President of L&M Welding Supply. “We look forward to working with Tech Air as we continue to build our business in the Gulf Coast and look to expand our offering to gases and other products.”
Joost Thesseling, Managing Director at CI Capital Partners, said, “We are very proud of Tech Air’s ability to form partnerships with the owners of other industrial gas distributors and successfully execute its acquisition strategy. With fourteen acquisitions completed, we are very pleased with the company’s progress and will continue to support Myles and the rest of the Tech Air team as they continue to execute their growth strategy.”
About Tech Air
Founded in 1935, Tech Air is a leading packager and distributor of industrial, medical and specialty gases, welding equipment and supplies. The company is headquartered in Danbury, CT and operates through 30 branch and fill locations in the Northeast, Southeast, Southwest and West. Tech Air serves more than 10,000 customers in a wide range of industries. To learn more about Tech Air, please visit www.techair.com.
About L&M Welding Supply
Located in Mobile, AL, L&M Welding Supply, Inc. is a veteran-owned distributor of welding and industrial equipment, hard goods, consumables, and tools, as well as personal protective equipment and related items commonly used in the industrial, construction, manufacturing, shipbuilding, and government/military markets we serve. Founded in 1980 by industry veteran Mike Kelly, L&M has become a valued logistical partner to industrial clientele, and to DLA and other federal procurement agencies, receiving annual accolades for vendor performance, including DSCR’s “Silver” and/or “Gold” performance awards. To learn more about L&M Welding Supply, please visit www.weld-supply.com
About CI Capital Partners
CI Capital Partners LLC, a North American private equity firm, has been investing in middle-market companies since 1993. CI Capital forms partnerships with experienced management teams and entrepreneurs to build substantial businesses through add-on acquisitions, organic growth and operational improvements. Since the firm’s inception, CI Capital and its portfolio companies have made over 150 acquisitions representing approximately $7 billion in enterprise value. CI Capital’s existing portfolio consists of companies which collectively generate annual revenue of over $4 billion, EBITDA of over $400 million and employ over 14,000 people. To learn more about CI Capital Partners, please visit www.cicapllc.com.